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Loans from $2100 to $10,000 require a car, motorbike, boat or caravan to be provided as security. If you cannot provide security, please apply for $2000 or less.

Loans from $2100 to $10,000 require a car, motorbike, boat or caravan to be provided as security. If you cannot provide security, please apply for $2000 or less.

The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on our loans between $300 and $2000 is 199.43%. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Click here to see a worked example.

The Interest Rate for Secured Medium Loans is 48%. Maximum Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Click here to see a worked example.

The Interest Rate for Secured Large Amount Loans is 21.24%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Click here to see a worked example.

Positive credit reporting and how it will benefit your credit score

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Towards the end of last year, the Australian Government announced that, come July 1, 2018, it will be introducing mandated comprehensive credit reporting (CCR) for all financial institutions throughout Australia.
What is comprehensive credit reporting, you ask? Well, basically it is a new positive credit reporting system that will make it easier for financial lenders to make a balanced assessment of a borrower’s credit score and history. In a nutshell, it refers to additional information being provided to, and held by, Credit Reporting Bodies in Australia. Good information, rather than just the bad marks we’re used to.

This new system is not only beneficial for lenders, but for consumers as well – here’s why.

CCR will make it easier for consumers with a negative credit score to apply for loans and credit cards. Currently, most lenders and other financial institutions are only reporting the black marks on consumers’ credit files which generally indicates that they are unreliable borrowers.

Positive credit reporting will allow financial institutions to look past an applicant’s credit score and further into their financial background. It basically means that all consumers will be given the benefit of the doubt when it comes to their borrowing history. They won’t be turned away at the door, bad credit score in hand. They’ll be welcomed into the building and given a much fairer chance.

As a lender, we really do want to help people. It is not our aim to be declining customers, however, it is common practice for lenders to set stricter criteria for consumers with a negative credit score. However, CCR will allow us to have access to more detailed information on the applicant’s history. We will be able to look at when a consumer has opened or closed a credit account, the type of credit they have applied for in the past and their repayment history for the last 24 months. Further, we’ll be able to report on positive information like clients paying off their loans on time.

This information will allow us to make more accurate assumptions of an applicant’s eligibility, giving them a fairer chance. We understand how easy it can be to miss a payment or make a couple of late ones and we don’t believe that this should hinder a person’s eligibility for seeking financial help in the future.

If you have a negative credit score but have been making a conscious effort to repair it by maintaining regular payments, it will be much easier for you to apply for a loan. However, if you are someone who only has a little bit of debt and a positive credit score but you have been failing to maintain regular payments, lenders will take this into consideration when processing your application.

Over to you


Jacaranda Finance


Comprehensive credit reporting is a fair system that will allow for more accurate communication between lenders and financial institutions and their clients. So, now we’d like to hand it over to you guys to see if you have any questions about CCR that we could answer for you. Otherwise, we would love to hear your opinions on what comprehensive credit reporting might mean for you.